quietly updated its eligibility for borrowers who would qualify for student loan forgiveness on Thursday.According topublished to the Education Department’s website, some borrowers with federal loans not held by the Education Department no longer qualify for student loan forgiveness by consolidating their loans into the Direct Loan program.
Before the new guidelines were published, the Education Department allowed borrowers who had consolidated privately held student loans into direct loans to apply for loan forgiveness.
The Congressional Budget Office , a nonpartisan organization, estimated that Biden’s student loan forgiveness plan to forgive $10,000 in federal loans for most borrowersstated that the program would cost $30 billion per year and $379 billion over the life of the program. There is still no exact date when a website will go live for all eligible borrowers to file their loan forgiveness claims. However, the application will be available in October 2022.
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